February 20, 2009 / 3:33 AM / in 10 years

SNAPSHOT - Financial Crisis - 2225 GMT

 - Obama promises strict oversight of U.S. stimulus
 - White House statement on banks tempers nationalization
fears; U.S. Treasury says banks should stay privately owned
 - Crisis may be worse than Great Depression - Obama adviser
 - UBS warns of dire consequences from U.S. tax battle
 - Stanford's customer accounts frozen; Stanford surrendered
passport, keeps low profile
 - Euro zone economy slumps further in Feb
 - ECB talks down chances of cutting rates to zero
 - Germany's upper house approves stimulus package; finmin
dismisses report on euro bond issues
 - BOJ says corporate profits worsen at faster pace
 - U.S. autos task force orders more restructuring analysis
 - Fiat gets 1 billion euro line of credit from banks
 - Latvia's government collapses; Serbia to seek to expand
IMF rescue to 2 billion euros
 - World steel output drops 24 pct in Jan, EU off 46 pct
 - U.S. stocks trim losses before close after White House
says it strongly believes in privately held banking system.
European shares closed at six-year low.
 - Dollar falls against basket of major currencies. Euro
stages sharp rebound.
 - Government bond prices rise as risk aversion grows.
 - Oil below $39 on concerns global demand will continue to
shrink due to economic crisis.
 - U.S. gold futures shoot above $1,000 an ounce.
 "I don't remember any time, maybe even in the Great
Depression, when things went down quite so fast, quite so
uniformly around the world" - Paul Volcker, a top adviser to
U.S. President Barack Obama
 "Nationalization is not a dirty word ... It's sometimes a
tool and a way to restore a situation for a temporary period of
time -- and then there's privatization again" - French Economy
Minister Christine Lagarde
 "There's a little bit of panic out there. Equities are
setting new lows and gold is the place to run to" - Robert
MacIntosh, chief economist at Eaton Vance in Boston
 "Risk tolerance of global investors is falling" - Takashi
Kamiya, chief economist at T & D Asset Management in Tokyo
 "There has been nothing of good news on the global economic
front for some time and even the shock value of truly horrible
data appears to have faded" - Patrick Bennett, Asia forex and
rates strategist at Societe Generale, Hong Kong
 SATURDAY, Feb. 21
 BEIJING - U.S. Secretary of State Clinton continues visit
to China (to Sunday).
 FLORENCE - ECB Executive Board member Smaghi to speak at
the Master Eunomia.
 CAPE TOWN - Southern African Development Community council
of ministers meeting (to Friday).
 SUNDAY, Feb. 22
 BERLIN - ECB President Trichet joins meeting with Germany,
Britain, France and Italy to prepare for G20 summit in April on
global financial crisis. News conference at 1345 GMT.
 MONDAY, Feb. 23
 PARIS - ECB's Trichet speaks at conference of Committee of
European Securities Regulators at 0810 GMT.
 PARIS - French unions meet to decide response to government
measures to boost economy.
 WASHINGTON - President Obama hosts "fiscal summit" at White
House with members of Congress, senior administration officials
and various experts. From 1730 GMT.
 TUESDAY, Feb. 24
 WASHINGTON - President Obama to address joint session of
Congress on the $787 billion U.S. economic stimulus package.
 WASHINGTON - Japanese Prime Minister Aso meets Obama.
 ROME - Italian-French Summit. Prime Minister Berlusconi and
President Sarkozy expected to attend.
 TOKYO - WTO Director-General Lamy visits Japan (to
 MADRID/BRUSSELS - Deadline for Spain to reply to European
Commission over plan to aid its auto sector.
 THURSDAY, Feb. 26
 WASHINGTON - U.S. President Obama to release first budget
 (Compiled by World Desk Americas, +1 202 789 8015)
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